Megasquirt alone isnt going to solve your problem, you will need a wideband as Nate said. Your EGT's are high due to rich or lean condition and possibly due to ignition timing. Megasquirt can be a solution; however, it will boil down to you being able to tune well. A wideband will be reqd to dojust that as well as hours of tungin and datalogging.

Terry